WTI Crude Oil - USOIL Possible bearish scenario!The chart, wave count, and support resistance level shown indicate a possibility for bearish trend.
Brentcrude
Brent crude oil daily chart
the price of Brent is in this rectangle, if it breaks it up, it would go up to the 48-50 area, otherwise, it could go retest the 40 and even visit the 36.
July 20. Today's matrix for intraday trading on m5 timeframe.
Hi everyone. My analysis done for my main timeframe m5. I start from higher timeframes D1, H1 and move down to lowest m5.
Futures contract for Brent crude , London exchange ICE 09-20
My trading is based on market phases by Wyckoff.
For timeframes m5:
Buy on the test of level 43.40, target 43.80
Buy 43.80, target 44.51
Sell 42.75, target 42.40, target2 42.00, target3 41.50
Trading on m5 timeframe.
Brent crude oil BCO - Make or Break at $44Ascending triangle pattern (tightening volatility) suggests a breakout sooner rather than later
CRUDE OIL waiting for the sell setup to formon DAILY: CRUDE OIL is sitting around a strong resistance zone so we will be looking for objective sell setups on lower timeframes.
on H4: CRUDE OIL is trading inside our red wedge pattern but the lower trendline is not valid yet so we are waiting for a third swing to form around our lower trendline to consider it our last swing and then enter on it break downward.
so also have a regular bearish divergence adding more confluence to our sell setup.
Brent Crude Oil Important technical analysis updateMidterm forecast:
. While the price is below the resistance 44.55, beginning of downtrend is expected.
. We make sure when the support at 36.95 breaks.
. If the resistance at 44.55 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
. There is a divergence in RSI and price between the peak at 43.315 on 2020-06-08 and the peak at 43.93 on 2020-06-23, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
. While the RSI support #1 at 50 is not broken, the probability of price decrease would be too low.
. A peak is formed in daily chart at 43.80 on 07/06/2020, so more losses to support(s) 42.20, 40.00 and minimum to Major Support (36.95) is expected.
. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
. Relative strength index (RSI) is 62.
Bullish breakout setting upPrice has consolidated, forming an Ascending Triangle.
As Price is above the 200EMA, I anticipate a breakout to the upside and will seek confirmation of the breakout with a close above $42 (orange line).
Target #1: ~$45 (Closing the gap down from 6th March lows)
Target #2: $50 (Confluence zone of 61.8% from Jan highs + 127% fib extension from April lows)
Brent Crude might have a top in place at $44.00Brent Crude is looking to drop further towards $33.50 and $26.00 as the commodity carves a meaningful top around $44.00 handle. The earlier rally from $15.75 through $44.00 seems to have completed 3 waves at least. We can expect a minimum drop towards $33.50, which is fibonacci 0.382 retracement of the entire rally. Having said that, please do note that Brent Crude has got enough room to correct lower towards $26.00 (fibonacci 0.618 retracement) as well. Possibilities remain for a sideways consolidation before the next major move. Overall, Brent remains bearish below $44.00.
Strategy:
Short against 44.00, targeting 33.50 and 26.00
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
UKOIL Brent Crude TECHNICAL OVERVIEW Recently, there has been a lot of news about the fact that oil futures have recently doubled after the last fall, that JP Morgan has earned a couple of billions, and so on and so forth.
It is a rumor that oil will fall again to $ 20 per barrel, I honestly do not really believe in this scenario, since oil is not only a trading product but has a certain influence factor from different countries, so most of the OPEC and OPEC + participants will try to speculate prices and other traders will help them in this.
Now I am exiting LONGS for oil because traders are trying to close the GAP, so we have a certain level where we can observe further price developments.
If we discard the speculative market and look from a technical point of view, we have two variations.
1. In which I very much believe this is breaking through the support level, a small correction, and going up to the golden ratio.
2. This is the exit from the channel and the fall, where we will wait for the bear rally to expire. and buy it again.
I would like to note that this analysis carries with it the subjective opinion of the author and does not force trading and is not a signal for buying or selling instruments.
Take care of yourself, like, and subscribe to my channel, leave comments, and write your own about the current situation.
Don't miss the great sell opportunity in BrentTrading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (42.80). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. Brent is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 48.
Take Profits:
TP1= @ 39.70
TP2= @ 38.65
TP3= @ 37.10
TP4= @ 34.10
TP5= @ 32.30
SL: Break Above R3
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Brent Crude Carves Intermediary Top Around 44.00Brent Crude has carved a potential top around $44.00 handle. The commodity has dropped lower below $40.00 as we prepare to publish this article. The entire rally between $15.75 and $44.00 seems to have unfolded in 3 waves until now. If a triangle is unfolding, we would witness another 3 waves drop towards $26.00 (fibonacci 0.618 of the previous rally). If an impulse is underway, Brent could find support around $33.00 (fibonacci 0.382 retracement of Wave 3). Either way, Brent Crude is heading lower from here. We therefore turn our outlook to bearish for the next few weeks to come. Immediate support is seen around $37.20, and a break lower would confirm that a meaningful top could be in place at $44.00 levels.
Strategy:
Short against $44.00, targeting $33.00 and $26.00 respectively.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Brent Crude within a tight range $40.20-$41.30Brent Crude short term probable wave counts could be as follows: The drop between $43.40 and $36.99 is in 3 waves, Wave a on the chart. The subsequent rally towards $41.64 is also 3 waves until now, Wave b on the chart. If the above counts hold well and Brent remains below $43.40, a potential flat corrective wave structure(3-3-5) could be in the making. Alternately, if prices break through $41.65 and higher, Brent could be on its way towards $45.00-$46.00 before reversing lower again. If the former count is unfolding, we should see a sharp drop, sub dividing into 5 waves, as Wave c unfolds towards $33.00 and $26.50 respectively.
Strategy:
Short against $44.00, targeting $33.00 and $26.50 in the medium term.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Brent Crude remains vulnerable for a drop towards $26.50Brent Crude seems to be in a corrective phase since $43.40 highs. A potential flat might be underway towards $26.50, going forward. Looking at the short term wave counts, Brent had earlier drop from $43.40 towards $37.00 in 3 waves. The subsequent rally has been in 3 waves until now, and has managed to reach close to the fibonacci 0.618 retracement of earlier drop, seen around $40.80/90. If a flat (3-3-5) is unfolding, prices should remain below $43.40 and reverse lower towards $26.50 handle. Also note that $26.50 is close to fibonacci 0.618 retracement of the entire rally between $15.75 and $43.40. We would watch price action around $26.50 and turn bullish again if required. At least for the short term, we are changing our stance to bearish.
Strategy:
Bearish against $43.40, targeting $33.00 and $26.50.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Brent Crude carved a meaningful top around $43.40Brent Crude seems to have carved an intermediary top around $43.40 handle. It has since dropped towards $39.84, sub dividing into 5 waves at a lower degree. Furthermore, the rally to $42.00 yesterday was corrective. If the above short term structure holds as 5-3, Brent is preparing for another 5 waves lower towards $32.80/33.00 respectively. High probability remains for a deeper correction towards $26 and further. We are changing our stance from long term bullish to bearish for the next few weeks. Also note that fibonacci 0.618 retracement is seen towards sub $26.00 levels. It would be considered safe to take profits on the long positions initiated earlier and remain flat or aggressively short.
Strategy:
Short against $45.00 towards $33.00 and $26.00
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Try again: Brent Oil Entry Level at 40.72; Target 43.00Triangle formation, will TVC:UKOIL CURRENCYCOM:OIL_BRENT break the triangle and move upward.
Stop Loss at 40.00.
Initial trade today at BUY at 40.80 stopped at 40.30.
UKOIL Triangle Formation 42.40 Target?Let's see if Brent TVC:UKOIL passes trhough 40.83 with a target of 42.40. Stop Loss at 40.30
Brent Crude resumes corrective drop towards 33.00 and 26.50Brent Crude might have carved interim top around $43.40 handle, after having rallied from $15.75 lows in 5 waves. Ideally, an impulse is followed by a 3 wave corrective drop and Brent might have resumed towards the same. The first Wave A is expected to drop through $33.00/34.00 support, near previous Wave 4 as seen on the chart here. Subsequently, Wave B should pullback marginally before Wave C resumes lower towards sub $26.00 handle. Please note Brent Crude is bullish against $15.00 for the long term, except for the above corrective drop. Conservative trading approach should remain buy on dips, while an aggressive trading strategy should be to sell on rallies. A drop below the $39.00 handle is required to confirm that Brent Crude is heading lower towards $33.00 and beyond.
Strategy:
Long against $15.00, targeting towards $65.00 in the long run.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
